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BrahimHemdani

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  1. BrahimHemdani
    dB, I was told today that as you surmise, they view the shares as undervalued. The example I was given was of Man Utd paying £37M for Juan Mata and Rangers FC being valued at £16-17M; the implication being that they feel that Rangers ought to be worth at least as much as ONE Man Utd player if not several (my interpreatation, they didn't say that). I've incorporated your other questions in the list.
  2. BrahimHemdani
    Thanks for the questions and comments guys. I've put the following together which I think incorporates most of the questions (sorry Andy). I am open to additions and corrections until tomorrow morning and I'm sure we'll get at least one chance to follow up based on their response so if there's anything missing we can get it at that stage. Can you detail the build up of the holding to the current 7.37% and say why it appears there was no notification to the market when you crossed the 3% threshold given that you had previously held 2.23% as of March last year? In this connection it is noted that the holding was 3,095,500 shares (4.76%) prior to the additional 1,700,000 purchase on the 24th notified on the 27th thus taking the holding to 7.37%. What is the weighted average price at which you purchased these shares? It has been noted that Malcolm Murray, the former Chairman of Rangers and a leading member of the “requisitioners” was employed at Phillips & Drew during the same time period as the Fund Manager, Hugh Sergeant, and also joined SGAM in 2002. To what extent, if any, did this connection influence the purchase of Rangers shares by R&M? What was the principle reason(s) why R&M invested in Rangers International Football Club? Who did you support at the AGM and why? If you supported the requisitioners what is your view and position on the current Board? Are you looking for a seat on the Board and if so who would you be proposing? What contact have you had with the new CEO Graham Wallace, did you seek any assurances from him as to the financial future of the Club and what was the outcome of any such discussions? What is your expected ROI and where do you see that coming from? In any eventual sale would R&M consider giving supporters first refusal on your holdings? What is R&M's position on a convicted VAT fraudster sitting on the Football Club Board and apparently having considerable influence within the Club? As investors are R&M pro-actively involved in ensuring that the Company follows best practice in terms of corporate governance and in this connection are you satisfied that, if reported correctly, it was appropriate for the recently resigned Finance Director, Mr B Stockdale to receive a year’s salary on leaving whereas the terms of his contract as per the prospectus only called for Rangers to give him 6 months notice of termination (not for cause). It is rumoured that there is likely to be a rights issue in the near future. Will R&M take this opportunity to invest directly into the Club? Would you welcome an investment from Mr Dave King?
  3. BrahimHemdani
    Welcome to the forum, Croak. As a new member you will not be aware that there have been a number of threads and articles written about a membership scheme which many see as the long term solution; but as far as buying shares is concerned, I would be so bold as to quote myself from a recent thread about the Club's property assets which went off at a bit of a tangent (not entirely unusual hereabouts): Admirable as the RST effort was, it only succeeded in raising £250,000 to buy about half of one per cent of the company. Approximately 20x - 25x as many fans (by volume of shares) bought shares in their own right rather than go through the RST Scheme. Buying the company out of liquidation in concert perhaps with other wealthy investors or buying shares as a group in the IPO was the answer at that time but buying shares now is not the answer. 5% is the first threshold that you need to pass, so that you can call a general meeting of the company and require the company to consider something like a membership scheme at a general meeting. So the RST would need to raise 10x the money raised in that highly charged period of time when we were in liquidation, just to get to the starting gate. Frankly, even if the RST could raise another £250,000 to subscribe for shares in a new offer, and they would have to if it was a rights issue or the percentage would be even lower, it is pissing in the wind. I too believe in fan ownership or at least fan influence on the ownership; which is why I was member of the RST and its Secretary for a time; but that model is not going to succeed whilst the current structure is in place.
  4. BrahimHemdani
    Good question.
  5. BrahimHemdani
    Just my sense of humour.
  6. BrahimHemdani
    Very interesting.
  7. BrahimHemdani
    R&M are now the third largest shareholders in Rangers with 7.37% of the issued share capital. As stated in the other thread they are "long only" investors i.e. they do not operate hedge funds which might bet on the price of a share going up or down. The shares are held in their World Recovery and UK Equity Long Term Recovery Funds. The objectives of these Funds are as follows: UK Equity Long Term Recovery Fund The objective of the strategy is to outperform a target of LIBOR + 4% per annum. In seeking to achieve the objective the portfolio will primarily consist of UK equities that meet the manager’s recovery criteria of a turnaround in company profitability over the longer term. The manager does not operate within relative risk constraints, but sets absolute limits on the amount of capital allocated to any particular company or sector. World Recovery The objective of the strategy is to achieve capital growth, through investing in a portfolio which will primarily consist of international equities that the investment manager believes will benefit from a recovery in company profitability over the medium and longer term. The Fund will not be restricted by reference to a benchmark, territory, sector constraints or company size. I have a connection with one of the most senior people in the organisation who has invited me to send a list of questions which will be answered by him and/or the Fund Manager, Hugh Sergeant. Hugh Sergeant graduated from the London School of Economics with a degree in Economics. Hugh began his investment career at Gartmore in 1987 as a UK Equities graduate trainee and moved to Phillips & Drew in 1990, managing UK equities throughout his twelve years there. He became Head of Smaller Companies in 1997, establishing a new team and launching the UBS Smaller Companies Fund. In March 2000 Hugh was promoted to Head of UK Equities at UBS Global Asset Management and Chairman of the UK Equities Committee. He joined SGAM in 2002 where he was Head of UK Equities, manager of the Growth strategy and co-manager of the Special Opportunities Fund. Hugh joined R&M in August 2006 and currently manages the UK Equity Long Term Recovery, World Recovery and UK Equity High Alpha Funds. Hugh is Head of the UK Equities team at R&M with overall responsibility for managing and developing the team. (Source - Citywire). He is AA rated by Citywire; having outperformed the average manager in the UK Equity Sector by more than 80% over the past 5 years. I have some fairly obvious ones to start with: Can they chart the build up of the holding to the current 7.37%? Why were they not listed as having a notifiable holding on Rangers Investor Relations Website when they had 4.7%? (Zappa) Do they intend buying more shares Who did they support at the AGM and why? If they supported the requisitioners what is their view and position on the current Board? What is their objective /target price for the shares? (unlikely they'll reveal that publicly of course) Are they looking for a seat on the Board? Can they get me tickets for the Directors Box? I will keep this open until about 9.00pm tonight for additional questions and then pull it together for an email (and I would appreciate it if no one hacks into my account).
  8. BrahimHemdani
    Ok I got a call back from my contact. The good news is that they are in for the long haul as I suggested. He has invited me to send a list of questions and they will be answered by the Fund Manager. I will start a new thread for that purpose.
  9. BrahimHemdani
    I have a call in to my connection at R&M, who by coincidence is said to be "up North" at this precise moment in time. More anon (hopefully)
  10. BrahimHemdani
    Of course he's a legend and almost carried us to the UEFA Cup Final one painful cortizone injection after another; but that doesn't make him a manager; just ask John Greig.
  11. BrahimHemdani
    Sounds like it's Ally to me, although it's dressed up so as not to look like him, not a director anyway, alternative might be McCulloch or even Wallace himself?
  12. BrahimHemdani
    The purchase from the 24th just came through on the ticker late last night or early this morning, 1,140,479 at 27p. Price has drifted back to 24.5/26.5p
  13. BrahimHemdani
    Quite so
  14. BrahimHemdani
    If an insider is confused, where does that leave the rest of us I have to say that I am an absolute diehard supporter but if Wallace was sold it really would put serious doubts in my mind about where the Club is going and whether I want to keep watching them when Wallace is the only consistent performer we have on the books.
  15. BrahimHemdani
    I didn't manage to talk to my connection yesterday but I'll try to do so today or tomorrow; but so far as I know that is correct.
  16. BrahimHemdani
    Shiels :devil: won't stand for any nonsense.
  17. BrahimHemdani
    Serggio makes a lot of sense to me. Obvioulsy Templeton and Law especially sacrificed their career development for the money and Daly just came for the pension. But every good orchestra needs a good conductor..............................................
  18. BrahimHemdani
    A good move for McKay without a doubt. Shiels can be a bit OTT and his mouth gets him in trouble too often; but as a coach he would be a good appointment. Isn't going to happen though.
  19. BrahimHemdani
    Good explanation Chris, look forward to seeing you on the 15th of Feb!
  20. BrahimHemdani
    Most people would probably trade being pissed off for £200k/year.
  21. BrahimHemdani
    You may well be right. So the conversation was something like: GW: Hey guys this chancer Stockdale's gotta go. The Brothers Grimm: No problem GW, anything you so goes; it's in your contract. GW: So we cut him a check for for £100k just like it says in his contract. TBG: Make that £200k. GW: OK boys anyhting you say.
  22. BrahimHemdani
    I think this analysis is the most likely. What makes it very difficult is that it seems that not all the purchases, especially the big ones, are reported on the ticker so they only come to light with the notifications. I don't know why that is the case. What I will be very interested to find out is where i.e. which Fund or Fund R&M are parking the shares; because on the face of it, their general philosophy would imply a reasonably long term investment whereas (as I have said before) I would have though that most fund managers would be in it for a short term gain.
  23. BrahimHemdani
    I am still strugggling with the concept that "(the insider revealed) (Stockbridge) leaves under his contract with a year's notice. Legally there is nothing the club can do about that" (Sun on Saturday); when the prospectus clearly stated that Rangers only had to give him 6 month's notice of termination. The only conclusion I can reach is that Rangers did not give him notice but that the "mutual agreement" was that he would leave with a year's pay. I just don't understand why Rangers would do that; because if they gave him 6 month's notice (not for cause) I don't see what he could have done about that; because he didn't suffer any loss. As for Mr King; I've said my piece.
  24. BrahimHemdani
    River and Mercantile are a boutique house with $3 billion of assets under management (a comparitive tidler) and a very high reputation in the investment industry who are paricularly noted for robust internal procedures. As "long only" fund managers they will tend to increase their positions over time and are only betting on the of price of shares going up. However, one of the top people in R&M is someone I have known for more than 20 years and I'll see what he will tell me tomorrow about the build up in their holding and their intentions.
  25. BrahimHemdani
    That's some good sleuthing Zappa. However, there is a difference between Mellon providing administrative services for R&M and managing their own Funds or the Insight brand. Your numbers do appear to add up but I would be surpised if Funds managed by R&M were otherwise listed even if administered by Mellon. I'll see what I can find out (see next post).
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